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Brian Moynihan

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business17 days ago

Bank of America CEO Highlights AI's Growing Economic Impact and 2026 Market Trends

Bank of America CEO Brian Moynihan discusses the US economy, highlighting solid consumer spending across income levels despite inflation concerns, the impact of interest rates on housing, and the ongoing effects of trade policies and AI integration in banking. He emphasizes the importance of a stable Federal Reserve and reassures that the bank maintains inclusive policies, countering political and social pressures.

via CBS News|
#bank-of-america#brian-moynihan#business
finance2 years ago

"Bank of America's Fourth-Quarter Earnings: Profit Decline and Stock Slide"

Bank of America's shares fell over 2% in premarket trading after reporting a more than 50% decline in fourth-quarter net income to $3.1 billion, with earnings per share at 70 cents compared to the expected 68 cents. The bank attributed the decrease to higher deposit costs and lower deposit balances affecting net interest income, despite CEO Brian Moynihan noting strong organic growth and record client activity. Bank of America's stock has seen a 1% decline this year following a modest 1.7% gain in 2023, underperforming its peers due to investments in low-yielding securities during the Covid pandemic.

via CNBC|
#bank-of-america#brian-moynihan#finance
finance2 years ago

BofA CEO Moynihan predicts smooth landing for US economy

Bank of America CEO Brian Moynihan predicts a soft landing for the US economy, with a slowdown in consumer spending and commercial borrowing. Despite the slowdown, Moynihan believes the economy will avoid a recession. Bank of America's economists forecast a 2.7% growth for the US economy this year and 0.7% in 2024. The bank also plans to expand its investment banking capabilities and has a succession plan in place for Moynihan's eventual departure.

via Yahoo Finance|
#bank-of-america#brian-moynihan#consumer-spending
finance2 years ago

Bank of America's Growth Pledge Undermined by Wrong-Way Rate Bet

Bank of America's decision to invest heavily in long-dated Treasuries and mortgage bonds at low rates during the pandemic has backfired as interest rates have risen, causing the bank to lag behind its peers in terms of earnings and stock performance. The bank's securities portfolio, the largest among the four biggest banks, is concentrated in low-yielding debt that comes due after 10 years. While the lopsided portfolio is weighing on earnings, it is not considered an existential threat due to the bank's large deposit base. Bank of America executives expect the situation to improve as the portfolio shrinks and the remaining bonds become shorter in duration.

via Yahoo Finance|
#bank-of-america#brian-moynihan#finance
business2 years ago

Bank of America CEO Forecasts Mild Recession, Slows Hiring.

Bank of America CEO Brian Moynihan announced plans to slow down hiring and rely on attrition, as the company predicts a "mild recession" in the US later this year and into early 2024. Moynihan said that BOA hired 700 people in May, compared to 3,000 at the same time last year. He also stated that the unemployment rate is expected to rise to the high 4 percent range, which is still low by historical norms.

via The Hill|
#bank-of-america#brian-moynihan#business
finance2 years ago

Bank of America CEO highlights US consumer power as Fed's biggest challenge.

Bank of America CEO Brian Moynihan has said that the US Federal Reserve's biggest challenge is the power of the US consumer, as consumer spending is slowing down. Moynihan also predicted a mild recession next year, citing the Fed's tightening policies as having an effect on consumer spending. Despite this, Moynihan said that consumer credit quality in the banking industry is very strong. Bank of America is slowing down hiring, but not laying off staff.

via CNN|
#bank-of-america#brian-moynihan#fed
business2 years ago

Bank of America CEO predicts recession but remains optimistic about customer spending.

Bank of America CEO Brian Moynihan predicts a "relatively mild" recession for the US economy later this year, citing low unemployment and easing wage pressures as evidence that the downturn will not be more severe. Bank of America's team of economists have been warning of a recession for over a year due to high inflation and the Federal Reserve's aggressive campaign to raise borrowing costs. The central bank has already approved nine straight interest rate hikes and has opened the door to a 10th increase at their May meeting despite turmoil in the banking sector and signs of a slowdown in the economy.

via Fox Business|
#bank-of-america#brian-moynihan#business
business2 years ago

Bank of America CEO predicts mild recession despite strong results and job cuts.

Bank of America CEO Brian Moynihan predicts a relatively mild recession for the US economy due to the amount of stimulus paid to consumers and their solid financial position. The bank's research team has consistently called for a mild downturn despite the Federal Reserve's aggressive rate hikes. Bank of America reported higher-than-expected earnings and revenue for the first quarter, with net interest income jumping 25% from a year earlier. Moynihan is optimistic due to low unemployment and easing wage inflation, which should prevent a deep recession.

via CNBC|
#bank-of-america#brian-moynihan#business